WASHINGTON — Janet Yellen and her Federal Reserve colleagues are finally succeeding in their efforts to generate higher inflation. Now they must do the same for wages to prevent U.S. households from getting squeezed.

The price measure tracked by the central bank rose 1.8 percent in May from a year earlier, the biggest 12-month gain since October 2012, and just shy of policymakers’ 2 percent goal, data showed yesterday. After adjusting for inflation, consumer spending dropped for a second consecutive month.